Lithuania-based fintech PAYSTRAX has launched in the UK after it received its Payment Institution License from the FCA earlier in 2023. Specialising in card transaction acquiring and payment solutions for UK and EU merchants, PAYSTRAX holds a Principal Membership license with VISA and Mastercard and is a member of the European Payments Group.

In the company press release, officials from PAYSTRAX expressed the company's straightforward goal of engaging with a diverse range of UK partners and merchants. The focus is on providing efficient acquiring services and leveraging data intelligence to deliver added value to customers. Operating from Brighton PAYSTRAX joined other Lithuanian-based companies entering the UK market, following the success of tech startups such as Nord Security and Vinted.

Company representatives also highlighted the company's commitment to creating centralised solutions rather than duplicating operations in different countries. This approach aims to improve processing efficiencies for merchants globally, increasing market competitiveness. Despite economic challenges and a competitive fintech landscape, PAYSTRAX sees the UK as a vital hub for the industry, particularly in the context of the UK's adoption of a cashless society.

In essence, PAYSTRAX aims to offer merchants and retailers technologies to accept evolving forms of payment. The FCA's award of a Payment Institution License in May 2023 underscored PAYSTRAX's commitment to regulatory compliance, customer protection, and providing secure and efficient payment services in the UK. More information about PAYSTRAX PAYSTRAX is a Financial Technology company offering innovative solutions for card payment transactions to UK and European merchants.

Services include multi-currency settlement, transaction services for POS terminals, e-commerce, m-commerce, and mail/phone orders, as well as tokenization, fraud management, and chargeback management. PAYSTRAX is best known for providing Visa and Mastercard acquiring services for POS terminals, online, mobile, and other electronic payment systems, creating customized solutions and add-ons tailored to the specific needs of users. The company’s customer portfolio includes both ecommerce and point-of-sale (POS) terminal merchants based in countries within the EEA and UK.

In July 2023, PAYSTRAX partnered with Lithuania-based fraud management service provider iDenfy to implement its verification software. The partnership came in the context of an expanding fintech industry that increased the need for scrutiny and compliance measures. At the time, iDenfy reported that inadequate risk management could lead to negative consumer protection effects.

Moreover, by allowing high-risk and illegitimate customers to complete a company’s onboarding process, companies can become vulnerable to reputation damages and hefty fines. For more information about PAYSTRAX, please check out their detailed profile in our dedicated, industry-specific Company Database. .